This belated recognition that nationality of ownership matters is welcome. When globalised banks had to be rescued they had to turn to governments that are national and accountable to voters and taxpayers. The average support, across the G20 nations for the financial sector is more than 30% of GDP. Given this support by the public sector for the private sector, is it any wonder we see fresh thinking from politicians and regulators? From Adair Turner, head of the Financial Services Authority, we had the need to curb "socially useless" activity in the City and the transaction tax. From Vince Cable, we have his "mansion tax" proposal. Now this from Peter.

We need to hear less about the virtues of the globalised economy and more about public authorities in each nation taking responsibility for keeping its economy vibrant and balanced, with a handle on all the main economic players within their borders. Those of us who warned about the dangers of globalised predators were deemed Luddites. We were right. Now the architect of New Labour recognises this. He has turned back to his TUC days. This fresh thinking could put us back in the game in the next election.

For example, the German finance minister says that a transaction tax of 0.05% in the G20 countries could yield $690bn (£432bn) a year.

If the electorate are so fed up with Labour that they return a Tory government by default, it will set our economy back by a decade as they return us to the old economic orthodoxies. We should say "it's the mixed economy, stupid" – and mean it.